Depending on the data they get from these 450 dollar sales I can imagine they just might stick with the price and move on.
I think it depends on their medium term plans. What price do they expect the XO to be at at the end of 2014?
I've been guessing all along their medium term price will be announced at E3, and if not at E3, then in the fall. Assuming they plan some kind of cut, which at this point seems assured, they seem dead without one.
From past discussions of other platform cuts, it seems I feel like 6 months might be a minimum cutoff for when early adopters wont demand compensation. Cut within 6 months and you probably owe early adopters some compensation. Middle of May is 6 months for XO. E3 is obviously past that, in early June. So that's why I've felt E3 might be the earliest they'd announce something official.
Anyways if they plan to end up at 399 in 2014, then I dont think you want to stagger and go to 449 then 399 later, because the more price cuts the more people will be upset who bought at a higher price. So do one cut to 399 rather than do it in two steps.
$449 with a game, I'm not even sure that's tenable. it may cause an initial burst, but after that will it still look like a bad deal next to PS4? Possibly so.
OTOH, $449 with a game is arguably kind of sort of parity with PS4, since you'll in theory need a game with PS4 (though you could just do F2P stuff).
Anyways, Microsoft definitely need to do something (whether Kinect is part of the long term plan is a huge issue also up in the air imo) and whatever it is, I assume E3 is where we'll learn about it. Should be fun.